Gold Rate Flops By Rs 2,900, Silver Rate Crashes By Rs 11,600 Today: Why Are MCX Gold & Silver Price Falling?

Gold rates and silver rates in India continued on their relentless crash on Tuesday, March 24, 2026 as the dollar traded stronger. Also, crude oil surge's aftershock to inflation has likely dulled hopes for a rate cut. Majority of central banks have paused their key interest rates due to the Middle East war that is likely to impact liquidity and cause inflationary pressure. In less than two hours of Tuesday, MCX gold flopped by nearly Rs 2,900 and MCX silver crashed by around Rs 11,600. Both precious metals are trading under pressure and near their day's low.

MCX Gold Price Today:

At the time of writing, MCX gold traded at Rs 1,36,919 per 10 grams, registering a decline of Rs 2,341 or 1.7%. At around 11 am, MCX gold had reached an intraday low of Rs 1,36,292 per 10 grams, registering an overall decline of Rs 2,896 from the previous day of Rs 1,39,260.

MCX Silver Price Today:

Meantime, MCX silver price plunged by Rs 8,515 or 3.8% to trade at Rs 2,16,652 per 1Kg. Sometime around 10:40 am, MCX silver had nosedived by Rs 11,600 to hit an intraday low of Rs 2,13,562 per 1Kg.

Both MCX gold and silver price have corrected significantly from their peak levels of Rs 1,93,096 per 10 grams and Rs 4,39,337 per 1Kg that was recorded in late January 2026.

Why MCX Gold & Silver Prices Continue To Crash In India?

According to analysts at Axis Securities, international gold prices extended their losses. Meanwhile, spot silver was extremely volatile.

The weak global cues play a key role in impacting precious metals in India.

Highlighting further, the analysts said that spot gold extended its losing streak to ten consecutive sessions in the last trading session, marking its worst downtrend in years.

However, it needs to be noted that there was mild rebound from the worst single-day crash on March 23rd. This slight recovery from a low of $4,098 was fueled after a tweet from President Trump indicated positive developments regarding Iran and that its power infrastructure would not be targeted for five days. This news triggered a sharp decline in the Dollar Index and oil prices, providing support to gold at lower levels.

But Iran denied all the claims of Trump and said there will be no negotiations and they will continue the war.

Hence, analysts said, "daily chart suggests the near-term trend remains bearish, as gold prices continue to trade below the 9-day EMA, signalling potential further weakness.

In the early hours of Tuesday, dollar climbed to near 100 mark, after Iran denied any talks to end the conflict, pushing back against President Donald Trump's claims. Also, US WTI Crude oil and Brent Crude surged by 4% to 5%.

Tehran dismissed President Donald Trump's announcement as an attempt to influence financial markets and launched new attacks on US targets, while Israel continued strikes against Iran. On Monday, gold had staged a sharp intraday rebound after Trump postponed planned US strikes on Iranian energy infrastructure and claimed negotiations were underway. The outcome of any talks and the potential reopening of the Strait of Hormuz remain highly uncertain, keeping inflation risks elevated. Gold had dropped as much as 25% from its March peak as rising energy prices fueled inflation concerns and bolstered expectations of interest rate hikes, as per Trading Economics.

BUY MCX Gold & Silver?

Analysts at Nirmal Bang in their technical report said, "Gold prices are expected to pullback. One can buy at 135700 with a stop loss of 134500 for the target at 138000-140000. One can also sell from 143500 with a stop loss of 145000."

For silver, analysts added, Silver prices are expected to pullback. Traders can buy at 218000 with a stop loss of 210000 for the target at 228000-235000. One can also sell from 235000 with a stop loss of 245000."

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